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Tech stocks boom, but some stock pickers are wary

The rise of machines and passive investing is distorting the broader market.

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STRESSFUL The explosion in low-cost, index-tracking ETFs and soaring technology stocks are generating existential angst among portfolio managers working in traditional mutual fund companies.

San Francisco

TECHNOLOGY stocks had another scorching weeklong run last month, capped off by Amazon's startling decision to buy Whole Foods for US$13.4 billion. And like many stock pickers these days, the portfolio managers at Parnassus Investments, a mutual fund company that invests

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